In this file photo, Monsanto logo is displayed on a screen. (Photo: Reuters)

New Delhi: US biotechnology major Monsanto's Indian JV has settled royalty dispute with three Indian cotton seed companies that have cleared payment dues of about Rs 300 crore and the arbitration process is on with five other firms.

Stating that MMBL is committed to resolving the disputes, the company's Director Shilpa Divekar Nirula in the letter said: "...the outstanding disputes with the few companies, namely NSL group of companies, Amar Biotech Ltd and Sri Rama Agri Genetics, who follow NSL's lead on the disputes, continue."

"The arbitration proceedings are ongoing before various fora across the country," she added.

MMBL said many seed companies had ended their dispute with the company in early 2015-16 except for eight, which were referred to arbitration.

Meanwhile, Monsanto has appealed against the government decision to fix cotton price along with trait value (royalty) under the Cotton Seed Price Control Order. The case is pending with the Delhi High Court.